HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.</li>
<li>STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.</li>
</ul>


STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.


Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas

Equity Capital Markets

Forest Cabin Cosmetics / Equity Capital Markets

<ul>
<li>FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.</li>
<li>Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.</li>
<li>Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.</li>
</ul>


FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.
Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.
Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.


Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JINKO SOLAR, Xinjiang Daqo, CAMBRICON TECHNOLOGIES, Ninebot, TRINA SOLAR, Cambricon Technologies, Ninebot, Trina Solar, Jinko Solar, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JINKO SOLAR, Xinjiang Daqo, CAMBRICON TECHNOLOGIES, Ninebot, TRINA SOLAR, Cambricon Technologies, Ninebot, Trina Solar, Jinko Solar, Xinjiang Daqo.


STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

Eastenova (Chengdu) Biotechnology / Equity Capital Markets

Eastenova (Chengdu) Biotechnology (ENB HK)

<ul>
<li>Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.</li>
<li>In this note, we take a look at the company’s core product, XH301.</li>
<li>Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.</li>
</ul>


Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.
In this note, we take a look at the company’s core product, XH301.
Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.


Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

China

Bloomage Biotechnology Corporation Limited develops and manufactures medical products. The Company produces fillers, mesotherapy products, bio reactive hyaluronic acids, repair soothing skin care products, and other products. Bloomage Biotechnology supplies its products in medicine, cosmetics, food manufacturing companies, medical institutions, and other fields.

Price Gauge
52-week Range	0.00 - 0.00
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Bloomage Biotechnology Lt (688363 CH)

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas

There could be US$1.6bn and US$488mn one-way flows, respectively, in the STAR 50 and STAR 100 December 2025 index rebal events. The reference...

Janaghan Jeyakumar, CFA

Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

Forest Cabin's leading position in camellia oil market could be challenged by high operating costs and potential economic downturn, impacting...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

We analyzed STAR50's consensus for Aug 2025 and highlighted changes of EPS in JINKO SOLAR (688223 CH), Xinjiang Daqo (688303 CH), CAMBRICON...

Ke Yan, CFA, FRM

Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

China's regenerative medicine specialist Eastenova aims to raise $100 million through a Hong Kong listing. Our research indicates a need to...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas

There could be US$1.6bn and US$488mn one-way flows, respectively, in the STAR 50 and STAR 100 December 2025 index rebal events. The reference...

Janaghan Jeyakumar, CFA

Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind

​Forest Cabin's leading position in camellia oil market could be challenged by high operating costs and potential economic downturn, impacting...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Aug): JINKO SOLAR, Xinjiang Daqo, CAMBRICON, Ninebot

We analyzed STAR50's consensus for Aug 2025 and highlighted changes of EPS in JINKO SOLAR (688223 CH), Xinjiang Daqo (688303 CH), CAMBRICON...

Ke Yan, CFA, FRM

Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

​China's regenerative medicine specialist Eastenova aims to raise $100 million through a Hong Kong listing. Our research indicates a need to...

Ke Yan, CFA, FRM

Forest Cabin's leading position in camellia oil market could be challenged by high operating costs and potential economic downturn, impacting...

China's regenerative medicine specialist Eastenova aims to raise $100 million through a Hong Kong listing. Our research indicates a need to...